Hi,

Would you help with a solution of problem 8E, Chapter 17 go Financial and Managerial Accounting 18th Edition? How do I prepare a journal entries for the eight transactions listed? How do I compute the balance of the Cost of Goods Sold account at June 30? How do I compute the Inventory balances at the end of June?

Zelda Manufacturing organized in June and recorded the following transactions during its first year:

1. Purchased materials costing 800,000.

2. Used direct materials in production costing 485,000.

3. Applied direct labor costs of 500,000 0f various jobs.

4. Applied manufacturing overhead at rate $10 per direct labor hour. (Direct labor workers earn $20 per hour.)

5. Incurred actual manufacturing overhead costs of 245,000. (credit "Various Accounts)

6. Transferred completed jobs costing 745,000 to finished goods.

7. Sold completed jobs for 1,000,000 on account. The cost applied to the jobs sold totaled $615,000.

8. Closed the Manufacturing Overhead account directly to Cost of Goods Sold on June 30.

My question is how do I journalize all the transactions?

Thanks Tanya